Has anyone lifted/leveled their truck by cranking the bolts on the torsion bars?

Yep.....won't hurt anything really, just make sure and get an alignment after.

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any cons?

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You'll need a front end alignment and you'll wear out front suspension stuff faster. How much faster depends on how ignorant you get with it. Picking the front end up an inch or less generally doesn't noticeable affect your ride quality and accelerated suspension wear will be due to the bigger tires you'll inevitably want to put on rather than the change in geometry.

Max them out and you'll start eating parts and tires. Don't do it.

The way I did mine was pretty easy but took some time. I Measure the distance from the top of your tire to the top of the fender well. I jacked the front of my truck up until the tires were off the ground (and used jackstands of course). I got a piece of soapstone and marked each bolt and the crossmember so that I could make sure I evenly adjusted each one. Turned each one a half turn (or a whole turn, don't remember exactly), set it back down (pretty violently to help set everything), jumped up and down on the bumper, and measured again. I figured out how much lift a half turn got me, and then figured how much higher I wanted to go, and then figured out how many turns that would be, and got it where I wanted it to be.

I highly recommend doing it to any 4x4. It drastically improves the appearence for only the cost of a front end alignment. Just don't go to high or you'll start tearing shite up

ETA: If you only go up a half inch or so and are very careful to adjust each side the exact same amount, you can PROBABLY get away without a front end alignment. Look up on the internets how to measure the toe-in and caster/camber and all that good shite and you can determine for yourself if it's outta wack bad enough or not.

I picked mine up 1" and did not get a front end alignment and was perfectly fine.

I did it on my 2006 Z71. Didn't really lift it that much and now it rides like shite. Don't do it.